Altcoin News

Altcoins: Shiba Inu, Chainlink, Ethereum Exchange Reserve Plunges, Price To Recover?

Shiba Inu, Ethereum, and Chainlink crypto exchange reserves have witnessed a diminishing trend since May last week, hence, a price recovery could be possible for these altcoins.
Published by
Altcoins: Shiba Inu, Chainlink, Ethereum Exchange Reserve Plunges, Price To Recover?

Highlights

  • Shiba Inu, Ethereum, and Chainlink exchange supply has plunged in the past few weeks.
  • The diminishing exchange supply hints at a potential price reversal amid the ongoing bearish trend.
  • Ethereum has witnessed the highest reduction amid news of potential listing Spot Ethereum ETFs this summer.

In latest developments, the top 10 exchange wallets for altcoins like Shiba Inu (SHIB), Chainlink (LINK), and Ethereum (ETH) have seen a significant decrease in their holdings since May 27, 2024. To be specific, Shiba Inu’s exchange supply has shrunk by 2.4%, Chainlink by 2.9%, and Ethereum by 8.6%.

Moreover, such reductions in exchange reserves are generally interpreted as bullish indicators by traders. Hence, a potential for price recovery could be witnessed for SHIB, ETH, and LINK. Currently, all these cryptocurrencies are grappling with a downtrend.

Advertisement

Shiba Inu (SHIB) Price Analysis

At the time of writing, the SHIB price was $0.00002175, up by 0.38% on Friday, June 14. This price movement places Shiba Inu at a pivotal point, encountering a significant barrier at $0.000022. If Shiba Inu can surpass this resistance, it may climb to $0.000025, with the possibility of reaching $0.00003.

On the other hand, increased selling pressure could push Shiba Inu down to $0.000021, and it might fall further to $0.00002 if market sentiment deteriorates. Whilst, technical analysis indicates that SHIB might be entering a consolidation phase. The MACD indicator reveals a convergence towards the signal line, hinting at a possible slowdown or reversal in momentum.

Source: Santiment | X

With the MACD line currently beneath the signal line, it signifies weak bullish momentum. Currently, the Shiba Inu RSI is at 37, suggesting a neutral market stance, as SHIB is neither overbought nor oversold. However, the RSI is nearing 30, which signals a oversold condition is looming. In the aftermath of such conditions, the price generally rebounds.

Moreover, the reduction in Shiba Inu supply due to decreasing exchange reserve and frequent burns could also catalyze a rebound. On the flip side, most oscillators and moving averages on the daily chart are issuing sell signals. The 50-EMA being above the 20-EMA suggests a potential downward trend.

Also Read: Shiba Inu Coin Bull Run Ahead As SHIB Burn Rate Spikes Further

Advertisement

Chainlink (LINK) Outlook

At press time, Chainlink is traded at $15.32, down by 0.90%. This decline has triggered long liquidations, which account for over 95% of total liquidations, signaling a short-term price decline. However, the diminishing exchange reserve could lead to a rebound in the long term due to a reduced supply.

As exchange supplies decrease, it often points to accumulation by investors, which can drive prices up as supply dwindles. Moreover, the Chainlink price has sustained a profit of over 14% in the last 30 days despite the recent bearish turn. Hence, it could mirror the momentum for a reversal as the LINK open interest has also surged.

Advertisement

Ethereum (ETH) Prospect Following ETF Approval

According to Santiment, Ethereum’s exchange supply has seen the most significant reduction among the three cryptocurrencies, dropping by 8.6%. This substantial decrease is viewed positively by bullish traders as it may indicate strong accumulation and potential for future price increases.

Recently, Ethereum’s market narrative is also being shaped by regulatory developments. Crypto analyst Michaël van de Poppe highlighted a statement from SEC Chair Gary Gensler, suggesting that an Ethereum ETF might be listed during the summer. This anticipation signals a final correction before a substantial price surge, according to Poppe.

The approval of Spot Ethereum ETF S-1 filings is expected to have a profound impact on ETH’s price. It could potentially push the ETH price above $4,000 immediately after the ETF listing. Furthermore, Standard Chartered has projected that this development could even drive Ether’s price to exceed $8,000 by the end of the year. Such optimistic forecasts are underpinned by the expected influx of institutional investment following the ETF’s approval.

Also Read: Whale Heavily Bags SHIB, ETH, CRV, & Others, What’s Next?

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Crypto Crime Hits $2.47 Billion in H1 2025, With Wallet Hacks on the Rise

The crypto industry has already lost more money in the first half of 2025 than…

October 6, 2025
  • Altcoin News

ASTER Token Rockets Over 10% in an Hour as Binance Announces Spot Listing

Crypto exchange Binance on Monday said it will list next-generation decentralized perpetual exchange Aster's crypto…

October 6, 2025
  • Altcoin News

Whale Dumps Massive $55 Million in XRP to Ripple as Coin Falls Below $3?

A whale alert regarding a massive $55 million XRP transfer to a Ripple wallet sparked…

October 6, 2025
  • 24/7 Cryptocurrency News

Aster Token Crashes 10% On DEX Integrity Issues Ahead of Airdrop, What’s Happening?

BNB-based decentralized exchange (DEX) Aster has come into the limelight recently, this time facing integrity…

October 6, 2025
  • Bitcoin News

Spot Bitcoin ETFs Record 2nd Best Weekly Inflows Ever, Bloomberg Analysts Bullish

Spot Bitcoin ETFs saw nearly $3.3 billion in net inflows last week, the 2nd largest…

October 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B

Michael Saylor hinted that Strategy would not be making its routine Bitcoin purchase this week.…

October 5, 2025